Crypto exchange CoinEx to remove all users from mainland China in October

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Cryptocurrency exchange CoinEx is ending operations in mainland China to comply with local anti-crypto regulations.

The company officially announced on September 30 that it would completely remove verified user accounts as citizens of Mainland China as well as those linked to a mainland Chinese mobile number.

The exchange has asked mainland-based users to remove their crypto assets from the platform by October 31, 2021. CoinEx then plans to deactivate accounts without assets starting September 30. All access will no longer be available for your accounts, the exchange status

Despite CoinEx’s aggressive measures to remove users from mainland China, the exchange will still allow users to withdraw assets after October 31. After the deadline, the only service available for these accounts will be withdrawal i.e. functions such as deposit and trading. will be closed and only the withdrawal service is supported, CoinEx explained.

CoinEx also noted that Access had previously blocked and terminated registration of new mainland Chinese users in March 2019, urging them to make withdrawals as soon as possible. To further comply with local Chinese government laws and regulations, we will completely remove users in mainland China, the company said.

The exchange did not immediately respond to Cointelegraphs request for comment.

Related: China’s Crypto Resistance: Bitcoin Nodes and OTC Bureaus Struggle

CoinEx is a leading global cryptocurrency exchange, founded in December 2017. At the time of writing, CoinEx’s daily trading volume stands at around $ 85 million, according to data from CoinMarketCap.

With the recent move, CoinEx joins the growing number of crypto companies ending their operations in mainland China in response to local authorities’ announcement of yet another crypto ban last week. Major crypto exchanges like Binance and Huobi subsequently halted some services in mainland China, while major Ethereum mining pools like Sparkpool and BeePool were forced to shut down operations entirely.

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